Fri, Jan 10 2025
The property tax services division of Altus Group has been fully acquired by Ryan, a tax services and software firm with its headquarters located in Dallas, Texas, for CAD 700 million, or around $518 million.
Altus is a Canadian company that was founded in 2005 and offers technology, analytics, and consulting services to assist customers manage their commercial real estate (CRE) portfolios. Altus is a global provider of asset and fund information for the CRE market.
In 2023, Altus' property tax services division brought in CAD $263 million ($194 million), and Ryan claims that the acquisition "significantly expands Ryan’s global capabilities, including establishing a property tax presence in the United Kingdom and deepening its expertise and reach across Canada and the United States."
The itamlink property tax management product from Altus, which assists customers in managing property tax bills and costs, is also being acquired by Ryan as part of the deal.
Ryan further states that the agreement "also includes a three-year subscription to Altus Market Insights," which gives the business access to other market research resources.
About 1,000 Altus workers have now joined Ryan, and the business says that "clients can expect continued support from their existing service teams as well as proactive updates advising of transition and integration-related activities" further forward.
Ryan, the "largest firm in the world dedicated exclusively to business taxes," provides a variety of services in several jurisdictions, such as advocacy, recovery, compliance, tax advising, and more.
For an unknown sum, the business sold "tax-specific AI capabilities" to tax technology supplier Vertex last year.
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